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} ahf/ ;+ogq / If]qut stf{ ;fdfgotof eggfn] ;/sf/ jf clwsf/ k fkt lgsfon] Joj;fo ;+rfngsf] ;DaGwdf ljlegg zt{x tf]sg] sfo{nfo{ a'emfpfb5. o:tf] zt{x sf] sfof{gjog sfg"g, lgod jf lgb] {zgx dfkm{t ul/g5. k/dk/fut?kdf sf] sfo{if]q cfly{s zlqmnfo{ s]gb Ls[t x'g glbg], d"no lgwf{/0f / ahf/df Joj;fosf] k j]zdf dfq l;ldt lyof] cyf{t stf{n] cfˆgf] dfkm{t\ s'g] } j:t' / ;]jfsf] plrt d"no sfod ug] { / s'g} Joj;fonfO{ ;+rfngdf cfpg lbg] jf glbg] dfq p2]zo /fv]sf] x'gyof]. t/ clxn] sf] sfo{if]q leq j:t' / ;]jfsf] d"nosf] ;fy} k lt:kwf{, pkef]qmfsf] :jf:yodf kg] { k efj, ;'/Iff, u'0f:t/, nufgl j[l4, cf}bf]lus ljsf;, ;'/lift tyf :t/lo j:t' / ;]jfsf] ptkfbg / pknawtf nufot ptkfbsx sf] cfodf l;df+sg cflb s'/fx klg ;dfj]z tflnsfm @ x'g] u/]sf 5g\. -x]g' {xf];\ tflnsfm!_ jf:tjdf o;/l x]bf{ ;dofgt/df sf] p2]zo klg km/s / km/flsnf] x' Fb} cfpsf] 5. ca of] klg dx;"; e};s]sf] 5 ls k lt:kwf{ lg/f]ws xf]og a o;sf] kl/k'/s xf]. n] k lt:kwf{nfo{ k j4{g ug{ ;S5 / ug' { klg kb{5. To:t} n] j:t' / ;]jfsf] pknawtfnfo{ ;'ky, ;/n / ;xh agfpg' kb{5. jf:tjdf st{fnfo{ ahf/df cfwfl/t lqmofsnfksf] Pp6f dxtjk"0f{ c+u dflgg5 -e frfo{ / k6]n, @))#_. 2 tflnsfm! s], lsg / s;/l s] k lt:kwf{ :jf:yo ;'/Iff u'0f:t/ jftfj/0flo lsg Jofj;flos ;+:yfx sf] ;dli6ut s'zntf a9fpg / pkef]qmfx nfo{ tl ;+:yfx sf] k lt:kwf{ lj/f]wl Jojxf/af6 ;'/lift ug{. :jf:yodf kg] { 3fts k efjaf6 pkef]qmfx nfo{ arfpg. pkef]qmf / ptkfbg sfo{df ;+nug sfdbf/x sf] ;'/Iff lglzrt ug{ j:t' jf ;]jfsf] u'0f:t/ lglzrt ug{ s;/l* k lt:kwf{ gllt, sfg"gx / lgsfo. hg:jf:yo sfg"g / :jf:yo lgsfox, pkef]qmf sfg"g / pkef]qmf cbfntx pkef]qmf sfg"g / pkef]qmf cbfntx, >d sfg"g / >d cbfntx k Tofe"lt sfg"gx / pkef]qmf cbfntx ptkfbg / pkef]uaf6 jftfj/0fdf kg{;sg] jftfj/0f;dagwl sfg"gx / lgsfo. k lts"n k efjnfo{ arfpg * ol s]xl b[i6fgtx dfq x'g\ / o;af6 blif0f Plzofsf d'n'sx sf] ljbdfg cj:yf k ltlaldat gx'g klg ;S5. ; f]tm Rajkarnikar and Adhikari (2000), Liberalisation and Regulatory Reform in South Asia, SAWTEE, Kathmandu+, stf{sf] x}l;ot / e"ldsf ahf/df :jr5 k lt:kwf{ sfod u/l nufglstf{ tyf pkef]qmfsf] ;+/If0f ug{df stf{sf] 7'nf] e"ldsf /xg] x'g5. o; ;Gbe{df stf{sf] e"ldsf s:tf] x'g5 egg] s'/f p;sf] sfg"gl x}l;ot s:tf] 5 egg] s'/fn] lgsof} {n ug]{ x'g5. olb s'g} lgsfox df a9l ;/sf/l x:tif]k jf lgogq0fdf /xl :jtgq 5}g eg] Tof] lgsfon] k efjsf/l e"ldsf v]ng ;Sb}g / stf{sf] IfdtfnfO{ ;d]t 36fpF5. o;sf] ljk/lt ;/sf/l x:tif]k jf lgogq0f ljgfsf] :jtgq lgsfon] k efjsf/l e"ldsf v]ng ;S5 / stf{sf] IfdtfnfO{ ;d]t a9fpf5 g]kfndf ljlegg P]gcGt{ut lgsfox :yfkgf ul/psf 5g\. -x]g' {xf];\ tflnsfm@_ lgsfox?sf] :yfkgf / ;DalGwt sfg"g lgsfo g]kfn gful/s p og k flws/0f g]kfn b"/;+rf/ k flws/0f g]kfn /fi6«a} +s aldf ;ldlt lwtf]kq af]8{ g]kfn g]kfn ljb't k flws/0f :yfkgf -lj;+_ @)%% @)%$ @)!# @)@% @)$) @)$( ;DalGwt sfg"g g]kfn gful/s p og k flws/0f P]g @)%# b"/;+rf/ P]g @)%# g]kfn /fi6«a} +s P]g @)%* jldf P]g @)@% lwtf]kq sf/]faf/ P]g @)$) g]kfn ljb't k flws/0f P]g, @)$(

{ ;/sf/l If]qsf] Psflwsf/eGbf lghl If]qsf] Psflwsf/ 3fts x'g] epsf]n] cfly{s pbf/ls/0fsf] ;fy} sf] Joj:yfnfO{ klg ;'b[9 ul/g' ctofjzos x'g5. ;f]lxg';f/, g]kfndf klg ljqlo Pj+ \ b"/;+rf/ If]qsf] pbf/ls/0f / p ogsf] If]qdf v'nnf cfsfz glltsf] cg';/0fsf] ;fy} goff P]gsf] Joj:yf jf eo/x]sf] P]gx sf] ;+zf]wgsf] dfwodaf6 sf] Joj:yfnfO{ ;'b[9 agfopsf] 5. g]kfn /fi6«a} +s P]g, @)!@ nfo{ g]kfn /fi6«a} +s P]g, @)%* -xfn g]kfn /fi6«a} +s cwofb]z @)^! df ;+zf]lwt_ af6 k lt:yfkg ug' { k"j{ g]kfn /fi6«a} +ssf] Ifdtf sfg"gl?kn] sdhf]/ lyof]. To:t} aldf P]g, @)@% / lwtf]kq sf/f]af/ P]g, @)$) df ul/psf] ;+zf]wgn] klg ;DalGwt If]qsf] nfo{ ;'b[9 kf/]sf] 5. gful/s p \og / b"/;+rf/sf] If]qdf lghl If]qnfO{ ;+nug u/fpg' k"j{ b"/;+rf/ P]g, @)%# / g]kfn gful/s p og k flws/0f P]g nfu" u/l ;DalGwt If]qsf] sf nflu sfg"gl k"jf{wf/ v8f u/l ltg} P]gcGt{ut g]kfn gful/s p og k flws/0f / g]kfn b"/;+rf/ k flws/0fsf] :yfkgf ul/psf 5g\. To:t} ljb't P]g, @)$( cfpg' k"j{ ljb't If]qdf g]kfn ljb't k flws/0fsf] Psflwsf/ lyof]. t/ of] P]gn] ljb't ptkfbg, k ;f/0f / ljt/0fnfo{ :jb]zl tyf ljb]zl nufglstf{x nfo{ ;d]t v'nnf u/]sf] 5. Joj:yf k efjsf/l x'g o;sf] ;+/rgfdf Joj;flos Ifdtfsf] klg cfjzostf kb{5. g]kfnsf k fomh;f] ;a} lgsfox sf] ;~rfns ;ldltdf ;/sf/, lghl If]q / Joj;flos bifx af6 ;d]t k ltlglwtj u/fpg] ul/psf] kfog5. g]kfn gful/s p og k flws/0fsf] ;~rfns ;ldltdf ;]jf k bfos xjfo{ ;]jf sdkglx nfo{ ;d]t k ltlglwtj u/fpsf] kfog5. To:t} aldf ;ldltsf] ;~rfns ;ldltdf ljldt u fxssf] ;d]t k ltlglwtj x'g] Joj:yf /x]sf] 5. t/ b"/;+rf/ k flws/0fdf eg] b"/;+rf/ ;]jf;fu ;DalGwt k fljlws, k zf;lgs, ahf/ Joj:yfkg, n]vf tyf n]vf k/lif0f jf sfg"gl If]qdf cg'ej epsfsf] dfq k ltlglwtj x'g] Joj:yf ul/psf] 5. o;sf cltl/qm k flws/0fn] cfjzos b]v]df afx\o ljz]if1nfo{ ko{j]ifssf]?kdf dfq} a}7sdf cfdgq0f ug{ ;Sg] Joj:yf ul/psf] 5. oblk ;a} ;~rfns ;ldltx df ;/sf/l k ltlglwx s} afx'notf /xg] ul/psf] 5. ljb't dx;'n lgwf{/0f lgodfjnl, @)%) cg';f/ ljb't dx;'n lgwf{/0fsf] nflu cwoif nufot ;ft hgf ;b:ox /xg] Pp6f cfof]u u7g x'g] k fjwfg 5 h;sf] ;b:ox sf] sfof{jlw tlg jif{ sfod ul/psf] 5. pqm cfof]usf] ;+/rgf x]bf{ u}/ ;/sf/l JolQmx s} afx'notf /x]sf] 5 h;af6 o;df ;/sf/l x:tif]ksf] u'+hfo; sd x'g] b]lvg5 t/ cfly{s >f]tsf lgldt km]/l >L % sf] ;/sf/df g} lge{/ /xg'kg] afwotfn] x:tif]ksf] ;DefjgfnfO{ k jn agfpsf] 5.t;y{ lgsfox :jfoq ;+:yfsf?kdf :yfkgf ep klg ;/sf/af6 k efljt 5g\. pbf/ gllt cg';f/ :jtgqtfk"j{s pglx n] cfˆgf] sfo{nfo{ cufl8 a9fpg ;s]sf] b]lvb+ }g. ljlegg lgsfox sf] ;~rfns ;ldltsf] ;+/rgfut :j?k tflnsf # df k :t't ul/psf] 5. tflnsf # df pnn]lvt ;a} lgsfox :jfoq lgsfo x'g\. t/ ltglx sf] :jfoqtfsf] dfqf ;dfg 5}g. s'g} klg lgsfosf] :jfoqtf jf :jtgq?kn] sfd ug] { Ifdtf To; lgsfosf] ;~rfns ;ldltsf] u7g, To;sf] sfo{ cjlw / lj36g / cjsf;sf s'/fx af6 klg lgwf{l/t x'g] ub{5. ol s'/fx ;a} lgsfox df ;dfg b]lvb}g. pbfx/0ffy{ g]kfn /fi6«a} +s P]g, @)%* cg';f/ o;sf ;~rfnsx nfo{ tf]lspsf] cj:yfdf afx]s ;~rfns ;ldltaf6 sfof{jlw k"/f gx'b} x6fpg ;ls+b}g t/ aldf P]g @)$( cg';f/ aldf ;ldltdf ;~rfnsx >L % sf] ;/sf/n] cfjzos 7fg]df s'g} klg a]nf x]/km]/ x'g ;S5g\. To:t} ;a} lgsfox :jfoq epklg pglx sf] cfly{s x}l;ot ;dfg 5}g. sltko lgsfox :jcfh{gdf pleg ;Ifd gx'gfn] ;/sf/l cg'bfgdf e/ kg' {kg] { cj:yf 5 eg] sltko lgsfox nfo{ ;/sf/l cg'bfgsf] cfjzostf 5}g. h:tf] lwtf]kq af]8{ g]kfn ;/sf/l cg'bfgaf6 rn]sf] 5 eg] g]kfn /fi6«a} +ssf] To:tf] cj:yf 5}g. lgsfox ;/sf/l cg'bfg dfly hlt lge{/ x'g5g\ / tl lgsfox df ;/sf/l k ltlglwtj hlt a9l x'g5, To;}cg'?k ;/sf/l x:tif]k a9\g] / sd{rf/ltgqsf] k j[lq x's{g] eo{ sf/l lgsfo tflnsfm # ;+rfns ;ldltsf] ;+/rgf / k ltlglwtj k flws/0f ;/sf/l lghl pkef]qmf Jofj;flos ;]jf hddf If]q If]q bif k bfos g]kfn gful/s p \og $!! @ * g]kfn b"/ ;+rf/ % % g]kfn /fi6«a} +s $ # & aldf ;ldlt #!! % lwtf]kq af]8{ g]kfn %!! & ljb't k flws/0f #!!!! & -dx;'n lgwf{/0f cfof]u_ 3

k efljt x'g] ;Defjgf klg a9l x'g5. oblk lgsfosf] ;~rfns ;ldltdf ;/sf/l prr cf]xbfsf] k ltlglwtjn] o;sf] cf]hg a9\g] eo{ obfsbf ;d:of ;'Nemfpgdf ;xof]u k'ug] klg x'g5. k lt:kwf{ / stf{ Joj;foaf6 cg'lrt kmfobf lng vf]hg]x af6 cfd hgtfsf] lxt ;+/If0f ug{ ahf/ cy{tgqdf k lt:kwf{sf] cfjzostf kb{5. ;/sf/l jf lghl Joj;foLs ;+:yfx sf] k lt:kwf{ lj/f]lw lqmofsnfkx /f]sg k lt:kwf{ sfg"g klg agfog5. g]kfn klg k lt:kwf{ sfg"g nfu" ug] { k lqmofdf /x]sf] 5. ljzj Jofkf/ ;+u7gsf] ;b:otf lng] qmddf g]kfnn] /fli6«o:t/df Pp6f k lt:kwf{ sfg"g lgdf{0f ug] { k lta4tf ;d]t ljzj Jofkf/ ;+u7g ;dif hfx]/ ul/;s]sf] x'fbf lgs6 eljiodf g} of] sfg"g sfof{gjogdf cfpg] ck]iff ug{ ;lsg5. jf:tjdf of] P]gsf] d:of}bf k sfzdf klg cfo;s]sf] 5. ;f/df egg'kbf{ s'g} klg k lt:kwf{ gllt jf sfg"gsf] p2]zo eg]sf] d'n'ssf] Joj;flos hutdf :jr5 k lt:kwf{sf] jftfj/0f x'sf{pg' xf]. o;sf] lgldq Jofkfl/s u7agwg, ldnf]dtf]k"0f{ 7]Ssf, l;lg8s]6 k 0ffnL, ldl>t laqml, k'gla{qml d"no lgwf{/0f, d"nodf e]befj, b'/f;ok"0f{ d"no lgwf{/0f, cjfl~5t nfe cflb h:tf k lt:kwf{ lj/f]wl sfo{x sf] lgogq0f ug' { xf]. ;fy} To:tf cg'lrt sfo{ ug] {nfo{ b08 lbg] / To;af6 lkl8tnfo{ Ifltk"lt{sf] Joj:yf ug' { klg xf]. k lt:kwf{sf] k j4{gn] ;lx 9+un] ;fwg kl/rfngdf klg ;3fp k' ofpf5. If]qut sf] p2]zo klg cf cfˆgf] If]qsf] :j:y ljsf; u/l ;/f]sf/jfnf ;a}nfo{ nfe k' ofpg' xf], h;cgt{ut k lt:kwf{ lj/f]wl lqmofsnfkx af6 pkef]qmfx nfo{ arfpg' klg kb{5. o;/l k lt:kwf{ / cfk;df kl/k"/s 5g\. k lt:kwf{ k j4{gsf] lgldq u7g x'g] k lt:kwf{ cfof]u / If]qut stf{x klg cfk;df kl/k"/s x'g\. To;}n] loglx alr ;xof]ulsf] e"ldsf x'g' kb{5. loglx sf] cfk;l sfo{if]q / ;DaGw :ki6?kdf kl/eflift x'g' kb{5. cgoyf sfo{df bf]x/f]kg cfpg] dfq xf]og ljjfb klg ptkgg x'g ;S5. olb k lt:kwf{ cfof]u / If]qut stf{x sf] clwsf/ If]q :ki6?kdf ls6fg ul/pg eg] cfof]un] cfˆgf clwsf+z ;do ol lgsfox ;Fusf] 4Gb Joj:yfkgdf vr{ ug' { kg] { x' Fbf cfof]un] lgsfo;fu ;dgjoftds 9Ën] sfd ug{ ;Sg] k fjwfg k lt:kwf{ P]gdf :ki6;fu /flvg' h?/l 5 -clwsf/l, @)^!_. If]qut stf{x?sf] l:ylt o; v08df If]qut stf{x sf] ;an / sdhf]/ kifx sf] af/]df rrf{ ul/psf] 5. ;an kif / sdhf]/lx sf b[li6sf]0fn] ;a} stf{x sf] l:ylt ;dfg 5}g. 4 sdhf]/ Joj:yfsf] lzsf/ ;xsf/ldf k};f hddf ug]{x? ;xsf/l P]g, @)$* sf] bkmf @^ n] ;xsf/l ;+:yfx n] ;j{;fwf/0faf6 lgif]k ;+sng ug{ ;Sg] Joj:yf u/]sf] 5 eg] ;flas g]kfn /fi6«a} +s P]g, @)!@ sf] bkmf @@ -3_ cg';f/ s;}n] klg g]kfn /fi6«a} +ssf] :jls[lt lagf lgif]k :jlsf/ ug{ g;sg] Joj:yf lyof]. ljqlo If]q ;'wf/sf] qmddf P]gsf] oxl bkmfnfo{ cfwf/ dfgl g]kfn /fi6«a}+sn] ;xsf/l ;+:yfx nfo{ ljqlo dwo:ystf{sf] sfd ug{ :jls[lt lbg'sf] ;fy} To:tf ;xsf/l ;+:yfx sf] g, lg/lif0f / ;'kl/j]if0f ug] { sfd klg @)%) sf] bzsb]lv ug{ yfnof]. h'g :j:y ljqlo ahf/sf] ljsf;df Pp6f ;sf/ftds sbd lyof]. olt x'fbfx'fb} klg sltko ;xsf/l ;+:yfx n] g]kfn /fi6«a} +ssf] :jls[lt g} glno{ s]jn ;xsf/l P]gsf] pk/f]qm bkmfsf] cfwf/df wdfwd lgif]k ;+sng ul//x]sf 5g\. jf:tjdf ;xsf/l P]gn] ;xsf/l ;+:yfx n] lgif]k ;+sng ug{ kfpf5 egg'sf] cy{ ;DalGwt lgsfoaf6 cfjzos :jls[lt lnp/ dfq lgif]k ;+sng ug{ kfpf5 egg] xf]. t/ g]kfn /fi6«a} +s cfkm'nfo{ To:tf] lgogq0f ug{ ;Sg] clwsf/ x' Fbfx' Fb} klg lgif]k :jlsf/ ug{ ljqlo dwo:ystf{sf] sfd ug]{ ;Dk"0f{ ;xsf/l ;++:yfx nfo{ cfˆgf] sf] hfnf]df Nofpg]tkm{ nfu]g / Tolts} 5f]l8lbPsf] 5. csf] {tkm{ ;xsf/l ;+:yfx sf] stf{ ;xsf/l ljefun] ;xsf/l P]gnfO{ g} ;jf] {Rr 7fGof] / g]kfn /fi6«a} +ssf], lg/lif0f / ;'kl/j]if0fnfo{ ;d]t ;dgjoftds?kdf pkof]u u/l :j:y ;xsf/lsf] ljsf; ug] {tkm{ Wofg lbpg. ;xsf/l ljefusf] ;+ogq sdhf]/ x'g'sf ;fy} bif hgzlqmsf] klg cefj /x]sf] 5 / p;n] cfk\mgf] nfo{ k efjsf/l agfpg ;s]sf] 5}g. kl/0ffdtm ;xsf/l ;+:yfx sf] c;kmntf / u}/sfg"gl lqmofsnfkaf6 ;j{;fwf/0f hgtf k ToIf df/df kl//x]sf 5g\. g]kfn gful/s p og k flws/0f P]g, @)%# n] g]kfn gful/s p og k flws/0fnfo{ xjfo{ ;]jf k bfos Joj;flos ;+:yfx sf] ug] { clwsf/ k bfg u/]sf] 5. xjfo{ ;]jf k bfos Joj;flos ;+:yf vf]ng lbg] / agb u/fpg] jf lgndag ug] { sfo{ ;d]t o; k flws/0fsf] clwsf/ If]qleq k/]sf] 5. xjfo{ ;]jf k bfg ug] { Joj;flos ;+:yfx sf] sf] ;fy} ljdfg:yn ;+rfng, p og;dagwl tflnd OToflb xjfo{ ;]jfsf] cfwf/e"t sfo{x ug] { lhddf klg o;n] kfpsf] 5. t;y{ o;sf cfly{s ; f]t klg k z:t 5g\. ;/sf/l ah]6df g} e/ kg' {kg] { cj:yf 5}g. xjfo{ ;]jf k bfos ;+:yfx af6 ljlegg k of]hgjfkt kfpg] z'nsx sf] ;fy} ljdfg:yn ;+rfngaf6 x'g] cfdbfgl ;d]t k flws/0fsf] d"n cfo; f]t /x]sf 5g\.

ljdfg:yn ;+rfngsf] Joj;fo ug{ o; k flws/0fn] :jb]zl jf ljb]zl lghl If]qsf nufglstf{x ;Fu ;+o'qm nufgl ug{ ;Sg] clwsf/ klg sfg"gn] k bfg u/]sf] 5. k flws/0f :yfkgf x' Fbf ;fljs xjfo{ ljefusf sltko bif hgzlqm klg k flws/0fdf :yfgfgt/0f x' Fb} cfpsf 5g\. ol s'/fx nfo{ k flws/0fsf] ;an kifsf?kdf lng ;lsg5. t/ csf] {tkm{ o;af6 ;/sf/l sd{rf/ltgqsf] k j[lq klg ;/]/ cfpsf] 5. ;~rfns ;ldltdf ;/sf/l If]qsf] afx'notfn] /fhg}lts / ;/sf/l x:tif]k /f]sg sl7g x'g] cj:yf cbfjlws sfod} /x]sf] 5. o;nfo{ k flws/0fsf] sdhf]/ kif dfgg ;lsg5. ;fy} ljdfg:yn ;]jf ;+rfng ug{ rfxg] nufglstf{x sf] lgldq o; ;DaGwL j:t'lgi7 k s[ofsf] klg cefj dx;"; ul/psf] 5. If]qut stf{x dwo] Pp6f zlqmzfnl stf{sf]?kdf g]kfn /fi6«a} +s b]lvpsf] 5. g]kfn /fi6«a} +s P]g @)%* nfu" epkl5 sfg"gl?kdf o;sf] :jfoqtfdf lgs} j[l4 epsf] 5. cfly{s b[li6sf]0fn] klg of] lgsfo ;Ifd 5, ;/sf/sf] ah]6df e/ kg' { kb} {g. o;sf] ;~rfns ;ldltsf cwoif jf s'g} klg ;b:onfo{ lagf s'g} cleof]u ;/sf/sf] :j]r5fdf x6fpg jf cjsf; lbg ;lsfb}g. o:tf] cj:yfdf ;/sf/l jf /fhg}lts x:tif]knfo{ /f]sg ;lhnf] x'g5. ev{/} @)^! ;fndf NofOPsf] cwofb]zn] t g]kfn /fi6«a} +snfo{ olt zlqmzfnl agfopsf] 5 ls a} +sx sf] nfo;]g; /2 ug{ ;Sg] clwsf/ ;d]t lbpsf] 5. To:t} g]kfn /fi6«a}+ssf] goff lgb]{zgn] a}+s vf]ngsf] nflu nufglstf{n] Go"gtd Ps c/a?k}off /fvg'kg]{ k fjwfg /fv]sf] 5. em x]bf{ of] /fd f] b]lvptfklg o;af6 a} +s :yfkgf ug{ rfxg]nfo{ k j]z d} Jojwfg k' ofpsf] 5. aldf ;ldlt, aldf P]g, @)@% n] hgdfpsf] Pp6f k'/fgf] lgsfo xf] h;nfo{ sf/l lgsfosf] Pp6f ;an kifsf]?kdf lng ;lsg5. b]zdf pbf/ls/0fsf] k lqmof ;Fu} aldf P]gnfO{ klg ;dofg's"n agfpg] qmddf aldf P]g, @)$( nfu" epkl5 / To;df a]nfavtdf epsf cfjzos ;+zf]wg ;d]taf6 aldf ;ldltnfo{ aldf Joj;fosf] ug]{ k z:t clwsf/ k fkt epsf] 5. aldf Joj;fo tyf To;;Fu ;DalGwt clestf{, ;e] {o/, ladfíl cflbsf] Joj;fo ;+rfng ug] { :jls[lt lbg] tyf cfjzos k/] lgndag ug] { / vf/]h ug] { nufot aldf / ;f] ;Fu ;DalGwt Joj;fo ;~rfngdf cfjzos lgb] {zg lbg ;Sg] clwsf/ aldf ;ldltsf] clwsf/ If]qleq kb{5. P]gn] k To]s ladsn] k To]s cfly{s jif{df clw/fholeq cfk"mn] aldf Joj;foaf6 cfdbfgl u/]sf] s"n ladf z'nssf] Ps k ltztsf b/n] x'g cfpg] /sd ;ldltnfo{ a'emfpg' kb{5. o;sf] ;fy} ;ldltn] Ohfht kq b:t'/, gjls/0f z'ns cflbaf6 klg cfdbfgl ub{5. t;y{ ;ldlt ;/sf/l ah]6 cg'bfgdf lge{/ x'g gkg] { sf/0fn] ljqlo?kn] ;Ifd 5. aldf ;ldltsf] sdhf]/l kifdf ;/sf/l jf /fhg}lts x:tif]ksf] ;DefjgfnfO{ lng ;lsg5 lsgeg] o; ;ldltsf] cwoif jf ;~rfnsx nfo{ ;/sf/n] rfx]df h'g;'s} a]nf x6fpg ;Sg] Joj:yf sfg"gn] g} u/]sf] 5. lwtf]kq af]8{sf ;~rfnsx sf] cfo' klg ;/sf/sf] OR5fdf g} lge{/ ub{5. lwtf]kq sf/f]af/ P]gn] g} ;/sf/n] rfx]sf] h'g;'s} a]nf ;~rfnsx x]/km]/ ug{ ;Sg] Joj:yf u/]sf] 5. cfly{s b[li6sf]0fn] lwtf]kq af]8{ cfˆg} cfdbfgldf pleg ;Ifd 5}g. To;}n] w]/} xb;dd ;+:yf ;/sf/l cg'bfgdf lge{/ /xg' k/]sf] 5. lwtf]kq ahf/df ljlegg c+ux sf] ug{ eg] lwtf]kq sf/f]af/ P]gn] lwtf]kq af]8{nfo{ k z:t clwsf/ lbpsf] 5. h;cgtu{t lwtf]kq ahf/ / lwtf]kq Joj;foLx nfo{ Joj;fo ;~rfngsf] :jls[lt, vf/]hl / b08 ;hfo ug] { clwsf/, lwtf]kqx ;"rls[t ug] { sfo{sf cltl/qm lwtf]kqx ;"rls[t u/fpg] Jofj;foLs ;+:yfx nfo{ cfjzos lgb] {zg klg lbg ;Sg] clwsf/ af]8{nfo{ 5. stf{sf] x}l;otn] b"/;+rf/ k flws/0fn] b"/;+rf/ ;]jf k bfosx nfo{ :jls[lt lbg], :t/o'qm ;]jfsf nflu ltglx nfo{ lgb] {zg lbg] / cfjzos z'ns c;'n ug] { x}l;ot /fvb5. cfˆgf] ;~rfng vr{ o:t} z'nsx af6 Joxf]g{ k flws/0f ;Ifd /x]sf] 5. b"/;+rf/ lgodfjnl, @)%* df epsf] ;+zf]wg cg';f/ g]kfn b"/;+rf/ k flws/0fsf cwoif tyf ;~rfns x'g] of]uotfdf sdtldf qmdzm!) jif{ / & jif{sf] sfo{ cg'ej / :gfts x'g' kg] { clgjfo{tf /fv]sf] 5.lgodfjnLsf] o:tf] k fjwfgn] k flws/0fdf Pp6f ;Ifd ;~rfns ;ldltsf] kl/snkgf u/]sf] 5, h;nfo{ Pp6f ;sf/ftds / ;an kif dfgg' kb{5. t/, o;/l lgo'qm x'g] ;~rfnsx eptfklg o;sf] cfo' klg cgttm ;/sf/l OR5fdf g} e/ kg] { Joj:yf x'g'nfo{ o;sf] sdhf]/ kif dfgg ;lsg5. g]kfnsf] b"/;+rf/ If]qdf k lt:kwf{sf] cj:yfnfo{ x]bf{ cbflk g]kfn 6]lnsdsf] cflwkto b]lvg5 tyflk s]lx ;do otf o"gfo6]8 6]lnsd lnld6]8sf] pkl:yltn] b"/;+rf/ ;]jfnfo{ s]xl k lt:kwf{tds agfpsf] 5 / g]kfn b"/;+rf/ k flws/0fsf] e"ldsfnfo{ lj:tf/ u/]sf] 5. ljb't P]g, @)$( n] ljb't ptkfbg, k ;f/0f / ljt/0fnfo{ :jb]zl tyf ljb]zl nufglstf{x sf] nflu ;d]t v'nnf ul/p cg';f/ ;fgf 7"nf lghl ptkfbs sdkglx klg :yfkgf epsf 5g\. tyflk k ;f/0f eg] g]kfn ljb't k flws/0fsf] /fli6«o u L8af6} x'g] u/]sf]n] ljb't ljt/0fdf ljb't k flws/0fs} Psflwsf/ sfod 5. P]gcGtu{t NofOPsf] ljb't dx;'n lgwf{/0f lgodfjnl, @)%) cgtu{t ul7t ljb't dx;'n lgwf{/0f cfof]unfo{ hnljb't gllt, @)%* n] ;+:yfsf]?kdf ljsl;t ug] { s'/f pnn]v u/]tfklg xfn;dd o;sf] sfo{if]q d"no lgwf{/0fd} ;Lldt b]lvg5 / Jojxf/df g]kfn ljb't k flws/0f g} ;j{ ];jf{ b]lvg5. 5

{ jt{dfg kl/k ]Iodf ljb't ;e] {If0f, ptkfbg, k ;f/0f / ljt/0fsf] cg'dlt ljb't ljsf; s]gb dfkm{t ;DalGwt dgqfnosf] ;lrjn] lbg] u/]sf] 5 eg] ljb'tsf] u'0f:t/ / u fxs lxtsf s]xl s'/fx P]gd} pnn]v ul/psf] 5. g]kfn ljb't k flws/0fsf] clxn]sf] e"ldsf :jo+ ;]jf k bfos epsf]n] ljb'tsf] If]qdf stf{ ;+:yfsf] :yfkgf g} epsf] 5}g egg ;lsg5. stf{x?sf] lqmofsnfk stf{x sf] lqmofsnfkx nfo{ k j4{gftds / sf/l sfo{x u/l b'o{ ju{df ljefhg ug{ ;lsg5. h;cg';f/ ;DalGwt If]qsf] Joj;fosf] ug' {sf] ;fy} ;f] If]qsf] ljsf; ug] { lhdd]bf/l klg pglx nfo{ ;'ldkpsf] 5. h:t}m b]zdf a}lsë Joj;fosf] sf] ;fy} a}lsë k 0ffnLsf] ljsf; ug' { g]kfn /fi6«a} +ssf] lhdd]af/l xf] eg] b]zdf k" FhL ahf/sf] ug' {sf] ;fy} To;sf] ljsf; ug' { lwtf]kq af]8{sf] lhdd]af/l xf]. /fli6«o xjfo{ ;]jf gllt, @)%) n] cfgtl/s / cgt/f{li6«o jfo';]jf ;+rfngdf lghl If]qnfO{ ;d]t k f]t;flxt u/l :j:y k lt:kwf{tds jfo' ;]jfsf] ljsf; ug] { p2]zo /fv]sf] 5. :j:y k lt:kwf{sf] k j4{g d'vo?kdf ahf/ k j]z, d"no gllt / k lt:kwf{ lj/f]wl ultljlwx sf] lgogq0fdf e/ kb{5. ;/sf/n] v'nnf cfsfzsf] gllt ckgfpkl5 xjfo{ ;]jf sdkglx sf] ahf/ k j]zdf s]xl v's'nf] ul/psf] eptfklg goff jfo';]jf sdkglsf] :yfkgf ug{ jfo';]jf k bfos ;+:yf zfxl g]kfn jfo';]jf lgudsf] l;kmfl/z clgjfo{ rflxg] / jfo';]jfsf] ef8fb/ klg ;/sf/af6} lgolgqt ul/g] h:tf sfg"gl k fjwfg clxn] klg ljbdfg} 5. g]kfn gful/s p og k flws/0fsf] sfo{ k lt:kwf{ k j4{gdf egbf p og ;'/Ifftkm{ s]lgb t b]lvg5. g]kfn b"/;+rf/ P]g, @)%# n] g]kfn b"/;+rf/ k flws/0fsf] Pp6f sfd b"/;+rf/ ;]jf / ;'ljwf ;j{;fwf/0f ;a}nfo{ pknaw u/fpg To:tf] ;]jf / ;'ljwf k bfg ug] { JolQmx 6]«h/L lansf] a6\6f b/ Oltxf;s} Go"g ljgb'df cl:y/ /fhg}lts jftfj/0fsf] sf/0f a}lsë If]qsf] 7'nf] kf "hl lgiqmlo /x]kl5 To;sf] ;Lwf k efj 6«]h/L landf b]lvpsf] 5. e/kbf] { If]qsf] cefjn] jfl0fho a} +sx? xfn 6«]h/L alndf a9l nufgl ug{ yfn]sf 5g. prr k lt:kwf{sf] sf/0f 6«]h/L alndf lbg] Aofhb/ Oltxf;s} Go"g lagb' )=#! k ltzt df em/]sf] 5. o;k6s *) s/f]8?k}ofsf] 6«]h/L lan lgisfzg ul/psf]df # ca{ * s/f]8sf] nflu cfj]bg k/]sf] lyof]. d'n'ssf] ;'/Iff l:ylt lau b} upsfn] 6«]h/Ldf nufgl ug] { k rng cem a9g] / o;n] Jofhb/df yk lu/fj6 cfpg ;Sg] klg ;Da4 clwsf/lx n] cg'dfg alr ;dgjo / :j:yo k lt:kwf{ x'g] Joj:yf ug]{ egl :ki6 ls6fg u/]sf] 5. ;g\ @))$ b]lv cgt/b]zlo / cgt/f{li6«o b"/;+rf/ ;]jf nufotsf ;Dk"0f{ b"/;+rf/ ;]jf ;~rfng ug{sf nflu k"0f{ k lt:kwf{sf] Joj:yf ug] { gllt cg'?k cfwf/e"t 6]lnkmf]g ;]jf, df]afon 6]lnkmf]g ;]jf / b"/;+rf/sf cgo cltl/qm ;]jfx sf] Joj;fodf ;d]t :jb]zl / ljb]zl lghl If]qnfO{ k j]z lbopsf] eptfklg ljb]zl nufgldf eg] *) k ltztsf] ;Ldf /x]sf] 5. t/, o;df epsf] Pp6f k fjwfgn] b"/;+rf/ ;]jfdf x'g] k lt:kwf{nfo{ 7f8} tuf/f] xfn]sf] b]lvg5. h;cg';f/ ;]jfsf] lgldq s'g} Joj;flos ;+:yfnfo{ cg'dlt lbpkl5 kffr jif{;dd ToxL ;]jfsf] lgldq csf] {nfo{ cg'dlt glbg] Joj:yf u/]/ b"/;+rf/ ;]jfnfo{ ;Lldt ug] { k of; u/]sf] 5. olt x' Fbfx' Fb} klg P]gn] k flws/0fnfo{ b"/;+rf/ ;]jfsf] d"no ;LdfnfO{ lgogq0fdf /fvg] clwsf/ k bfg u/]sf] sf/0fn] ;]jf k bfosn] hyfefjl d"no a9fpg g;sg] / stf{sf] :jls[lt lnp/ dfq d"no lgwf{/0f ug{ ;Sg] Joj:yfn] ahf/ zlqmsf] b'?kof]u x'g ;Sg] ;DefagfnfO{ Go"g agfpsf] 5. g]kfn /fi6«a} +sn] xfnsf jif{x df cfˆgf] sf] sfo{nfo{ ltj?kdf / s8fosf ;fy cl3 a9fpsf] 5. t/ sf ol sfo{x d"n?kdf a}lsë Joj;fosf] hf]lvd Go"g ug] / a}lsë k 0ffnLnfO{ ;'b[9 ug]{tkm{ cled'v epsf] 5. pkef]qmfx nfo{ ttsfn nfe k'ug] vfnsf] sfo{df kof{kt Wofg k'ug ;s]sf] 5}g. lgif]k vftfsf] Go"gtd df}hbft, Aofh lgwf{/0f ljlw, ljljw ;]jf z'ns cflbsf] Joj:yf pkef]qmfsf] kifdf gepsf] cfd u'gf;f]sf] ljifo ag]sf] 5. a} +sx df ctolws t/ntf x' Fbf klg s]xl a} +sx prr AofhcGt/ sfod u/l k z:t gfkmf sdfpg ;dy{ e}/x]sf 5g\. o;n] g]kfndf a} +sx alr cem} k lt:kwf{sf] sdl /x]sf] b]vfpfb5. t/ xfnsf jif{x df g]kfn /fi6«a} +sn] cfˆgf] k4lt dfkm{t a} +s vf]ng] k lqmofnfo{ s7lg kf/]sf] 5. To;}cg'?k goff a} +s jf ljqlo ;+:yf vf]ng lg?t;flxt ug] { vfnsf] a} +s tyf ljqlo ;+:yf;dagwl cwofb]z cfpsf] 5. a}lsë Joj;fodf d"no lgogq0fsf] u/]sf 5g\.. clws t/ntf Joj:yfkg ug{ nfug] nfut sd ug{ g;lsg] epkl5 jfl0fho a} +sx n] lgif]k lg?t;flxt ug{ Aofh b/ 36fO/x]sf 5g. goff df}lb s glltdf jfl0fho a}sx?sf] nflu clgjfo{ gub df}hbft ^ k ltzt af6 % k ltzt sfod ul/psf] lyof]. of] glltsf sf/0f, ljqlo If]qdf yk @ ca{?k}of k jfx epsf] lyof]. s]lgb o a}+sn] clvtof/ u/]sf] pqm glltn] lgif]kstf{ eg] yk df/df kg]{ cj:yf l;h{gf epsf] 5. clxn] g} lgif]ksf] jf:tljs Aofhb/ C0ffTds 5.-sflGtk'/Mc;f]h ^, @)^!, a'waf/_ 6

{ k4ltnfo{ eg] klxno} x6fo{ ;lspsf] 5 cyf{t Aofhb/ lgwf{/0fsf] :jtgqtf a} +s tyf ljqlo ;+:yfx nfo{ klxno} lbo;s]sf] 5. t/ o;af6 lgif]kstf{x nfo{ nfe k'ug g;s]sf] / lgif]ksf] jf:tljs Aofhb/ C0ffTds /x]sf] u'gf;f] 5. b]zdf b]lvpsf] /fhg}lts cl:y/tfsf] k efj klg ;lhn} lgif]kstf{x df ;f/]/ cfˆgf] ctoflws gfkmfsf] l:ylt sfod /fvg klg a} +sx ;kmn eo/x]sf 5g\. o;n] ubf{ klg a}lsë k lt:kwf{ a9fpg' kg] { g} b]lvg5. of] P]gn] g]kfn /fi6«a} +snfo{ ljlqo If]qdf :jr5 k lt:kwf{ sfod ug] { Pp6f zlqmzfnl sf/l lgsfo agfpsf] 5 t/ Joj:yf cem} km/flsnf] tyf k efjsf/l?kdf sfof{gjog x'g ;s]sf] b]lvb}g. xfn a}+sx n] cfk;l ldnf]dtf]af6 6«]h/L aln v/lbdf ;d]t ldn]/ b/ sf]6 ug] {, ;fgf / 7"nf u fxssf alrdf a]unf a]un} Aofhb/ Pj+\ Jojxf/ ug] { h:tf sfo{x ul//x]sf 5g\. t/ stf{sf]?kdf /x]sf] g]kfn /fi6«a} +sn] :jr5 k lt:kwf{df cf3ft k'ug] o:tf u}/ k lt:kwl{ sfo{x nfo{ /f]sg / o:tf sfo{ ug] { ;+:yfx nfo{ sf/jfxl ug{ ;s]sf] 5}g. g]kfndf sf/l lgsfodf aldf ;ldltsf] k efjsf/l Pj+ \ r'gf}ltk"0f{ e"ldsf /x]sf] kfog5. o; If]qdf lghl If]q tyf ljb]zl nufglsf] k j]znfo{ ;xh agfpsf] / ahf/ k j]zdf s'g} k ltagw gepsf] sf/0f xfn o; If]qdf /fli6«onufot cgt/f{li6«o sdkglx n] ;d]t k j]z ul/;s]sf 5g\ / of] Joj;fosf] bfo/f lj:tf/} km/flsnf] x' Fb} uo/x]sf] 5. o;tkm{ sf/l lgsfosf] x}l;otn] aldf ;ldltn] a]n}df ;r]t ep/ sfo{ ug' { kg] { x'g5. aldf lgodfjnln] d"nodf k lt:kwf{ u/fpg'sf] ; f Ps?ktf sfod ug] { p2]zo /fv]sf] 5. u fxssf] l;sfot lg?k0f ug] { sfg"gl clwsf/ klg ladf ;ldltn] kfpsf] 5 tfklg ol sfg"gl k fjwfgx nfo{ k efjsf/l?kdf kfngf u/fpg ;lspsf] b]lvgg. aldf sdkglx sf] ;+Vof a9] klg aldf /sdsf] e'qmfgl ;xh?kn] k fkt gx'g] u'gf;f]x k z:t ;'lgg5. sfg"g cg';f/ cu Ld aldfz'ns e'qmfgl gu/l aldf kf]lnzl lgisfzg ug{ kfofb}g / pwf/f] aldfsf] bfal e'qmfgl ug{ ldnb}g. t/ kx' Frjfnfx n] lgod sfg"gsf] kl/lw tf]8]/ e'qmfgl lno/x]sf] 5g\ ->]i7, @)^!_. :jr5 k lt:kwf{nfo{ a9fjf lbg] / u}/ k lt:kwl{ sfo{x nfo{ /f]sg g;s]sf] v08df of] If]qdf klg a}lsë If]qdf h:t} k lt:kwf{ ljk/lt sfo{x gxf]nf egg ;lsfb}g. g]kfnsf] lwtf]kq ahf/df ljb]zl lwtf]kq Joj;foL ;+ul7t ;+:yfn] klg lwtf]kq sf/f]af/ ug{ ;S5. t/ bnfnsf]?kdf Joj;fo ug{ eg] g]kfnl gful/s;fu ;+o'qm nufgl ug' { cfjzos 5 / ljb]zl ;+o'qm nufglstf{n] $) k ltzt z]o/ dfq wf/0f ug{ kfpg] Joj:yf P]gn] u/]sf] 5. lwtf]kq cfof]ux sf] cgt/f{li6«o ;+u7gsf cg';f/ k"0f{ ;"rgf / n]vfsf] dfgotf cg';f/ :ki6 ul/psf s'/fx nfo{ k of]u u/l nufglstf{x nfo{ cg'lrt Jojxf/af6 ;'/lift ug' {, kf/blz{ s'zn ahf/sf] dfwodaf6 nufglstf{x nfo{ ahf/ ;'ljwf ;'lglzrt ug' { / k4tlhgo hf]lvdx 36fpg' lwtf]kq ahf/ sf tlg k fylds p2]zo x'g\ (International Organisation of Securities Commission, 1998). g]kfndf klg lwtf]kq af]8{n] sf] qmddf d"n?kdf leql ;"rgfsf] cfwf/df x'g] sf/f]jf/nfo{ lg?t;flxt ug{ / sf/f]jf/x nfo{ kf/bzl{ agfpgdf hf]8 lbopsf] 5. ljb't ptkfbg, k zf/0f / ljt/0fdf ljutdf g]kfn ljb't k flws/0fsf] Psflwsf/ lyof] t/ ljb't P]g, @)$( n] o;nfo{ :jb]zl tyf ljb]zl nufglstf{x sf] lgldt ;d]t v'nnf u/]sf] 5. tyflk k ;f/0f eg] g]kfn ljb't k flws/0fsf] /fli6«o u L8af6} x'g] u/]sf]n] ljb't ljt/0fdf cblk g]kfn ljb't k flws/0fs} Psflwsf/ 5. r'gf}tlx? g]kfn ljzj Jofkf/ ;+u7gsf] ;b:o e};s]sf] kl/k ]Iodf o;n] g]kfnnfo{ ljzj cy{joj:yf;fu cem} PsLs[t u/]sf] 5 / b]zsf] ljqlo ahf/df ljb]zl ;]jf k bfosx sf] k j]znfo{ k"0f{?kdf vf]n]sf] 5 eg] cgo If]qx df ;d]t ljb]zl nufglsf] ;Defjgf a9fpsf] 5. ljb]zl Joj;foLs ;+:yfx sf] pkl:ylt /x]sf] ahf/df Joj:yfnfO{ ljzj :t/lo agfpg cgt/{fli6«o ;+:yfx sf] lgb] {lzsfx nfo{ ;d]t Wofg lbo{ To;}cg'?k th' {df ug' { kg] { x'g5 h'g Pp6f r'gf}tlk"0f{ sfo{ xf]. k efjsf/l sf] lgldq :ki6 hjfkmb]xl x'g] Joj:yf epsf] :jfoq stf{sf] cfjzostf x'g5. :jfottf / :j]r5frf/lsf] alrdf ;Gt'ng :yflkt ug' { klg Joj:yfsf] Pp6f r'gf}tl xf]. g]kfnsf] If]qut stf{x ;DaGwL P]gx df o:tf stf{x s;k lt hjfkmb]xl x'g] egg] s'/f :ki6;fu ls6fg ul/psf] b]lvfb}g. g]kfnsf] If]qut ;DaGwL sltko P]gx df k lt:kwf{ k j4{g;dagwl stf{sf] e"ldsf klg :ki6 ul/psf] 5}g. o;;dagwl k fomh;f] P]gx df Jojl:yt stf{sf] sfd, st{jo / clwsf/sf] bkmfdf d"n?kdf gllt lgdf{0fdf ;/sf/nfo{ ;/;Nnfx lbg] k/fdz{bftfsf] e"ldsf, Ohfhtkq lbg], gljs/0f ug] { h:tf k zf;lgs e"ldsf / ljjfb lg?k0f ug] { jf dwo:ytf ug] { e"ldsfnfo{ phfu/ ul/psf] kfog5. o:tf] sfg"gl Joj:yfn] ubf{ klg stf{x k lt:kwf{d'vl x'g ;ls/x]sf] 5}g. sf] lhdd]af/l kfpsf] lgsfosf kbflwsf/lx ;+:yfut?kn] cfkm\gf] dftxtsf ;+3 ;+:yf k lt ;+j]bgzln alglbg] k j[lqn] obfsbf ;]jfu fxl pk/ Gofo lbg jf lghx sf] lxtdf sbd p7fpg g;s]sf] k ltt x'g5. Joj;flos cg'ej / hf]lvd lng lxrlsrfpg] k j[lqn] ;fj{hlgs lxtsf] Bf]tssf]?kdf /x]sf] :jr5 k lt:kwf{ cf]em]ndf kg{ hfg] cj:yf ljbdfg 5. 7

+ ;f/f+z tyf ;'emfjx? ;g\!(*) sf] bzsb]lv ljzjsf w]/}h;f] d'n'sx df h:t} g]kfndf klg cfly{s pbf/ls/0fsf] k lqmof cl3 al9/x]sf] 5. o; qmddf cfly{s lqmofsnfkx a9legbf a9l ahf/df cfwfl/t agfpfb} nlupsf] 5. h;cg';f/ ;/sf/sf] ;+UnUgtf /x]sf] cfly{s sf/f]af/x nfo{ qmdzm lghl If]qdf x:tfgt/0f ug] { tyf ljb]zl nufglnfo{ k f]t;flxt ug] { u/fpg] glltx sfof{gjog e}/x]sf] 5g\. g]kfnn] ljzj Jofkf/ ;+u7gsf] ;b:otf klg lno;s]sf] 5. ;di6ldf egg' kbf{ g]kfnl cy{tgqnfo{ v'nnf, pbf/ / ahf/d'vl agfpg] tkm{ ;a} ;/sf/x n] ;sf/ftds ;f]r /fvl sfo{ ul//x]sf] b]lvg5. ahf/ cy{tgq klg ljs[lt/lxt x' Fb}g. pbf/tfsf] gfddf ;/f]sf/jfnfx sf] lxt ljkl/t k lt:kwf{ lj/f]wl sfo{x x'g] ;Defjgf a9\b5 h;nfo{ /f]syfd ug{ k lt:kwf{ sfg"g / lgsfox sf] cfjzostf kb{5. o;} cg'?k, g]kfndf klg ljlegg If]qut lgsfox sf] Joj:yf ul/psf] 5 eg] k lt:kwf{ sfg"g klg Nofpg] tof/l eo/x]sf] 5. ljbdfg If]qut stf{x sf] x}l;ot, Ifdtf / lqmofsnfk ;dfg 5}gg\ / sfg"gl?kdf ol ;a} :jfoq lgsfosf]?kdf 5g\. tyflk, ol lgsfox sf] ;+rfnsdf ;/sf/l If]qsf] afx'notf / ah]6df lge{/ /xg' kg] { sf/0fn] gfddfqsf] :jfoqtf /x]sf] 5. u7agwg, k flkt, ljno cflb k lqmofaf6 x'g] k lt:kwf{ lj/f]wl sfo{ tkm{ loglx sf] b[li6 k'ug ;s]sf] 5}g. stf{x sf] e"ldsf k lt:kwf{ k j4{g ug] {egbf d"n?kdf k zf;lgs b]lvpsf] 5. ;an / ;Ifd Joj:yfsf] dfwodaf6 d'n'sdf :jr5 k lt:kwf{sf] k j4{g ug{ lgdg ;'emfjx k :t't ul/psf] 5. 8 ;Gbe{ ;fdu L clwsf/l, /Tgfs/ -@)^!_, Æk lt:kwf{ sfg"g s:tf] x'g'k5{æ, :jr5 k lt:kwf{ jif{! c+s!, ;fjtlm sf7df08f} International Organisation of Securities Commission (1998), Report of Technical Committee on Objectives and Principles of Securities Regulation sfg"g lstfa Joj:yf ;ldltm b"/ ;+rf/ P]g, @)%(; lwtf]kq sf/f]af/ P]g, @)$); g]kfn gful/s p og k flws/0f P]g, @)%# s]= ;L= / clwsf/l -@)%(_ >L % sf] ;/sf/sf ljlegg glltx, k}/jl k sfzg The World Bank (1998), Attracting Foreign Direct Investment to Nepal's Infrastructure, Washington D. C.!= ljzj Jofkf/ ;+u7gsf] ;b:o eo;s]sf] kl/k ]Iodf d'n'sdf ljb]zl Joj;flos ;+:yfx sf] pkl:yltsf] ;DefjgfnfO{ b[li6ut u/l To:tf ;+:yfx sf] ;d]t ug{ ;Sg] u/l stf{x sf] :t/ / Ifdtfsf] clea[l4 ul/g' kb{5. @= Joj:yfnfO{ ljzj:t/lo agfpg Bank for International Settlement (BASAL), International Organisation of Securities Commission (IOSC), International Organisation of Civil Aviation (IOCA) h:tf cgt/f{li6«o ;+:yfx sf] lgb] {lzsfx sf] cwoog u/l ;f]xlg'?k th' {df ug] {. #= sfo{df ;+nug hgzlqmnfo{ klg cgt/f{li6«o lgb] {lzsf, Joj:yf / ;+:yfx sf af/]df 1fg lbg], lj1 agfpg] sfd klg x'g' kb{5. $= lgsfox nfo{ :jtgq?kdf sfd ug{ lbg] t/ pglx sf] sfd kf/bzl{ agfog'sf] ;fy} pglx sf] hjfkmb]xltfsf] ;DaGwdf :ki6 sfg"gl Joj:yf x'g' kb{5. %= stf{x sf] k lt:kwf{ k j4{g e"ldsfnfo{ gllt / sfg"gn] :ki6 kfg' { klg cfjzos 5. ^= g]kfndf k lt:kwf{ sfg"g alg/x]sf] kl/k ]Iodf lgsfox sf] sfo{df bf]x/f]kgf / cfk;l 4Gbsf] ;d:of cfpg glbg sfo{ If]qx sf] :ki6 /]vfíg x'g' kb{5. &= lgsfox nfo{ cfly{s?kn] klg ;Ifd agfog' kb{5. t/ stf{n] g} Joj;fo klg ;+rfng ug] { Joj:yf eg] x6fpg' kb{5. *= ;]jf k bfosx nfo{ lgsfosf ;~rfns ;ldltdf k ltlglwtj u/fpg' pko'qm x'b}g. o;n] cfk;l :jfy{sf] 6s/fj x'g] ;d:of cfpg ;S5. aldf ;ldlt, aflif{s k ltj]bg -ljlegg aif{x sf]_ Bhattachrya and Patel (2003), Market, Regulatory Institutions, Competitiveness and Reforms, Infrastructure Development Finance Company Ltd., Mumbai e08f/l, l8nnl/fh -@)%*_, a}lsë / ladfsf] l;4fgt tyf Jojxf/, Plzof klans]zg Rajkarnikar, Pushparaj and Ratnakar Adhikari (2000), Liberalisation and Regulatory Reforms in South Asia, Briefing Paper, No. 2, SAWTEE Various issues of Trade and Development Monitor, A Quarterly Newsletter g]kfn /fi6«a} +sm g]kfn /fi6«a} +s P]g, @)%* of SAWTEE g]kfn /fi6«a} +sm a} +s tyf ljqlo ;+:yf ;DaGwL cwofb]z -@)^) / @)^!_ Civil Aviation Authority of Nepal, Civil Aviation Report (Various years) k}/jl k sfzg, lgoddfnf, @)%* >]i7, ;'lbk -@)^!_, ÆljlQo If]qdf k lt:kwf{æ, hfgsf/l kq, c+s #, ;fjtl ;fjtlsf] :yfkgf!(($ df blif0f Plzofsf u}/ ;/sf/l ;+:yfx?sf] ;+o'qm k of;af6 epsf] xf]. ;fjtl pbf/ls/0f, ljzjjofkls/0f / ljzj Jofkf/ ;+u7g -8ANo"6Lcf]_ ;Fu ;DalGwt ljifoj:t'x?df ;DalGwt ;/f]sf/jfnfsf] Ifdtf clej[l4 ug{] p2]zon] v8f epsf] If]qLo ;~hfn xf]. blif0f PlzofnL /fi6«sf!! j6f ;+:yfx? ;b:o /x]sf] ;fjtln] k lt:kwf{ gllt tyf sfg"gsf ljifodf ;d]t jsfnt ub{} cfpsf] 5. of] hfgsf/lkq ;fpy Pl;of jfr cg 6«]8, Osf]gf]ldS; P08 OGefo/f]Gd]G6 -;fjtl_4f/f k lt:kwf{ lzif0f tyf hfu/0f sfo{qmdcgtu{t a]nfotl cgt/f{li6«o ljsf; ljefu -l8pkmcfo8l_ sf] ;xof]udf k sflzt ul/psf] xf]. hfgsf/lkq tof/ ug'{x'g] 8f= k'ik/fh /fhsl0f{sf/ tyf l6kk0fl ;lxt ;'emfj lbg'x'g] >L lbk]gb If]qLnfO{ ;+:yfsf tkm{af6 xflb{s wgojfb 1fkg ul/g5. d'b sm df]8g{ lk lg6ª k ];, sf7df8f}+.